Bitcoin (BTC-USD) embarked on another bull run on Monday, rising more than 6% in the past 24 hours to hit a new high as investors cram into the booming crypto trade -cash.
At the start of Monday’s session, the largest cryptocurrency returned some of those gains, but was still at a screaming distance of $ 66,371.58, close to its all-time high set last month at near 67 $ 000.
Bitcoin’s over $ 4,000 gain on the day reflected a broader uptrend in the cryptocurrency market, which is now valued at over $ 3 trillion amid a large-scale crypto rally, according to data from CoinGecko.
Other major cryptocurrencies like memecoin, Doge (DOGE-USD) as well as Ripple (XRP-USD), also rose nearly 8% on the day. And after hitting new highs last week, Ether (ETH-USD) once again outperformed itself by posting gains over the past day, breaking its previous high to climb above $ 4,700 this morning. .
The fourth largest cryptocurrency by market cap, SOL (SOL1-USD), which also set new records last week, fell on Monday, losing more than 3%.
âAfter losing ground to alternative cryptocurrencies like Solana last week, incumbents BTC and ETH came back to life on Sunday night,â Martha Reyes, head of research at BEQUANT, told Yahoo Finance.
The analyst said other positive signs include the lack of a major signal for increased funding rates or open interest. These are telltale signs in the crypto derivatives markets of an increasing build-up of leverage, which may suggest price euphoria or increased leverage-induced volatility.
Reyes also highlighted the continued adoption of crypto by large institutions such as the Commonwealth Bank of Australia (CBA.AX), saying last Friday that it planned to be one of the country’s first major banks. to develop a platform allowing its retail clients to exchange cryptocurrencies.
The announcement is just the latest sign of a global trend for investors of all sizes showing increased interest in their portfolio’s exposure to digital currencies.
In the bond market, real yields (corrected for inflation) slipped at the start of US transactions. Analysts say the crisis reflects global concerns about inflation – a boon to BTC’s history as a scarce digital asset that serves as a hedge against inflation, which has largely risen in the face of monetary policy accommodative Federal Reserve and strong global demand.
In that sense, the passage of the Biden administration’s infrastructure bill should be a tailwind for already rising prices. Meanwhile, new consumer price data coming Wednesday should show signs of worsening inflation in the US economy.
David Hollerith covers cryptocurrency for Yahoo Finance. Follow it @dshollers.
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